Reserve Bank cancels Certificate of Registration of M/s Acemoney (India) Limited due to irregular lending practices
Case Brief
The Reserve Bank of India cancelled the Certificate of Registration of M/s Acemoney (India) Limited under Section 45-IA(6) of the RBI Act, 1934. This is a cancellation of the NBFC’s registration and therefore a full adverse action. The title identifies irregular lending practices as the reason for the cancellation.
In exercise of powers under Section 45-IA(6) of the Reserve Bank of India Act, 1934, the Reserve Bank cancelled the Certificate of Registration issued to M/s Acemoney (India) Limited, an NBFC. The release title states the reason as irregular lending practices.
Severity Assessment
Cancellation of an NBFC’s Certificate of Registration is a severity 5 action regardless of any underlying reason.
M/s Acemoney (India) Limited can no longer operate as an NBFC under its Certificate of Registration. The action is forward-looking and affects the company’s ability to carry on regulated lending activities; any borrowers or counterparties relying on its NBFC status are impacted.
Published as M/s Acemoney (India) Limited
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